Last week, Saudi Aramco’s chief executive officer, Amin Nasser, said that the company expects to boost its oil production capacity to 13 million barrels per day (bpd) by 2027. The EIA defines spare capacity very specifically as production that can be brought online within 30 days and sustained for at least 90 days. Saudi Arabia stated for decades that it had a spare capacity of between 2.0 and 2.5 million bpd. Saudi Arabia pumped an average of 8.162 million barrels per day of crude oil. Not 10 million, 11 million, 12 million, 13 million, or any other figure that it suits the Saudis to dream up: 8.162 million barrels per day. Last week, Saudi Aramco’s chief executive officer, Amin Nasser, said that the company expects to boost its oil production capacity to 13 million barrels per day (bpd) by 2027 from 12 million bpd now. Given the semantic trickery […]